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CannaPharmaRx Inc (CPMD0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $312,164 compared to $nil in the same quarter the previous year. This increase is due to the commencement of product sales in 2024.
Cost of goods sold for the quarter was $668,322, resulting in a gross loss of $356,158. The cost includes a loss on impairment of inventory due to suboptimal THC levels.
Operating expenses for the quarter were $141,788, down from $667,497 in the previous year. The decrease is primarily due to reduced general and administrative expenses and payroll costs.
The company reported a net income of $188,421 for the quarter, compared to a net loss of $564,368 in the previous year.
Cash used in operating activities was $1,517,342, while cash provided by financing activities was $1,523,691.
CannaPharmaRx had a working capital deficiency of $21,005,723 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern.
The filing details various financial agreements, including notes payable and convertible notes, and highlights the company's efforts to raise additional capital.
CannaPharmaRx does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on cannabis production and distribution, with plans to expand its customer network and strategic partner relationships.
The filing also addresses ongoing legal proceedings and potential liabilities, including actions involving Ataraxia Canada Inc. and Bristol Capital Investors, LLC.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CannaPharmaRx Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.